A Hong Kong-based trade platform launched by HSBC Holdings three years ago with much fanfare has shut down after failing to build a commercially viable business.
Serai connected small-and-medium-sized apparel makers with component suppliers worldwide.
It was HSBC’s first investment in a non-banking tech startup.
The company said its services will not be available from June 25.
Sources say the bank had invested around $70 million into Serai in the last three years.
This report’s information was first seen on Reuters; to read more, click this link.
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